Arab Finance: The New Urban Communities Authority (NUCA) has endorsed the draft budget for the upcoming fiscal year (FY) 2023/2024 with EGP 145.455 billion, marking a 139% growth from FY 2019/2022 budget, according to a statement by the Housing Ministry on March 14^th.

In FY 2022/2023, the authority’s budget amounted to EGP 144.127 billion, and it stood at EGP 120.273 billion in FY 2021/2022.

The Minister of Housing Assem El-Gazzar said that NUCA is working to develop 56 new urban communities, including eight first-generation cities, nine second-generation cities, and eight third-generation cities, in addition to 31 new fourth-generation urban communities.

NUCA is a state-owned body affiliated to the Ministry of Housing. It is tasked with identifying new city sites and formulating their development strategies. 

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